Driven by the potential advantages and promising applications of organic solar cells, donor-acceptor (D-A) polymers have been intensively investigated in the past years. One of the strong electron-withdrawing groups that were widely used as acceptors for the construction of D-A polymers for applications in polymer solar cells and FETs is isoindigo. The isoindigo-based polymer solar cells have reached efficiencies up to ∼7% and hole mobilities as high as 3.62 cm2 V−1 s−1 have been realized by FETs based on isoindigo polymers. Over one hundred isoindigo-based small molecules and polymers have been developed in only three years. This review is an attempt to summarize the structures and properties of the isoindigo-based polymers and small molecules that have been reported in the literature since their inception in 2010. Focus has been given only to the syntheses and device performances of those polymers and small molecules that were designed for use in solar cells and FETs. Attempt has been made to deduce structure-property relationships that would guide the design of isoindigo-based materials. It is expected that this review will present useful guidelines for the design of efficient isoindigo-based materials for applications in solar cells and FETs.